Ulaid Limited Company accounts

COMPANY REGISTRATION NUMBER: NI685817

Ulaid Limited

Unaudited Financial Statements

31 March 2025

Ulaid Limited

Financial Statements

Year ended 31 March 2025

Contents	Page

Officers and professional advisers	1

Directors' report	2

Statement of income and retained earnings	3

Statement of financial position	4

Notes to the financial statements	6

The following pages do not form part of the financial statements

Report to the board of directors on the preparation of the unaudited statutory financial statements	11

Ulaid Limited

Officers and Professional Advisers

The board of directors	Mr P Eakin
	Mrs F Eakin
	Mr A Eakin
	Mr D Eakin

Registered office	41a Lisbarnet Road
	Comber
	Newtownards
	Northern Ireland
	BT23 6AW

Accountants	BDO Northern Ireland
	Chartered accountants
	Metro Building, 1st Floor
	6-9 Donegall Square South
	Belfast
	BT1 5JA

Bankers	Danske Bank
	Donegall Square West
	Belfast
	BT1 6JS

Ulaid Limited

Directors' Report

Year ended 31 March 2025

The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2025 .

Directors

The directors who served the company during the year were as follows:

Mr P Eakin
Mrs F Eakin
Mr A Eakin
Mr D Eakin

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 31 October 2025 and signed on behalf of the board by:

Mr P Eakin

Director

Registered office:

41a Lisbarnet Road

Comber

Newtownards

Northern Ireland

BT23 6AW

Ulaid Limited

Statement of Income and Retained Earnings

Year ended 31 March 2025

	2025	2024
Note	£	£
Turnover	631,409	596,379

	---------	---------
Gross profit	631,409	596,379

Administrative expenses	( 253,024)	( 175,760)
Other operating income	50,751	–
	---------	---------
Operating profit	429,136	420,619

Interest receivable and similar income	128	–
	---------	---------
Profit before taxation	429,264	420,619

Tax on profit	( 107,316)	( 105,993)
	---------	---------
Profit for the financial year and total comprehensive income	321,948	314,626
	---------	---------

All the activities of the company are from continuing operations.

Ulaid Limited

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		6,179,192	6,175,792

Current assets

Debtors	6	85,189	104,296
Cash at bank and in hand		841,875	780,469
		---------	---------
		927,064	884,765

Creditors: amounts falling due within one year	7	208,132		509,188
		---------		---------
Net current assets			718,932	375,577
			------------	------------
Total assets less current liabilities			6,898,124	6,551,369

Provisions	24,807	–
	------------	------------
Net assets	6,873,317	6,551,369
	------------	------------

Capital and reserves

Called up share capital	5,890,001	5,890,001
Profit and loss account	983,316	661,368
	------------	------------
Shareholders funds	6,873,317	6,551,369
	------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Ulaid Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 31 October 2025 , and are signed on behalf of the board by:

Mr P Eakin

Director

Company registration number: NI685817

Ulaid Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 41a Lisbarnet Road, Newtownards, United Kingdom, BT23 6AW. The principal activity during the year was property investment in the United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention modified to include certain items at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial reporting framework that has been applied in their preparation is the Companies Act 2006 (the Act) and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland issued by the Financial Reporting Council. The company qualifies as a small company for the period, as defined by section 382 of the Act, in respect of the financial year, and has applied the rules of the 'Small Companies Regime' in accordance with section 381 of the Act and Section 1A of FRS 102.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The directors are of the opinion that no significant judgements were required in preparing the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and by, their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Investment property are valued using recent market evidence of similar properties in the same location and condition. Any changes in fair value are recognised in profit or loss.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental income, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Cash and cash equivalents

Cash consists of cash on hand. There are no cash equivalents included in the financial statements.

Other financial assets

Other financial assets comprise trade debtors and other debtors. Other financial assets are initially measured at the undiscounted amount of cash receivable and are subsequently measured at amortised cost less impairment, where there is objective evidence of an impairment.

Other financial liabilities

Other financial liabilities include trade creditors, amounts owed to related parties, taxes and other creditors. Other financial liabilities are measured at invoice price, unless payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. In this case the arrangement constitutes a financing transaction, and the financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

4. Employee numbers

The average number of persons employed by the company during the period amounted to Nil (2024: Nil).

5. Tangible assets

	Investment property
	£
Cost
At 1 April 2024	6,175,792
Additions	3,400
	------------
At 31 March 2025	6,179,192
	------------
Depreciation
At 1 April 2024 and 31 March 2025	–
	------------
Carrying amount
At 31 March 2025	6,179,192
	------------
At 31 March 2024	6,175,792
	------------

The directors are of the opinion that the above valuation of investment property represents market value at 31 March 2025.

6. Debtors

	2025	2024
	£	£
Trade debtors	46,613	59,937
Other debtors	38,576	44,359
	--------	---------
	85,189	104,296
	--------	---------

All debtors are due within one year.

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	–	1,199
Amounts owed to related parties	–	313,768
Corporation tax	107,316	105,993
Social security and other taxes	21,321	23,636
Other creditors	79,495	64,592
	---------	---------
	208,132	509,188
	---------	---------

Amounts owed to related parties are interest free, unsecured and repayable on demand.

8. Related party transactions

During the period a director paid expenses on behalf of Ulaid Limited totalling £Nil (2024: £53). Ulaid Limited repaid money relating to the director of £313,768 (2024: £Nil). The total amount owing to this director at year end was £Nil (2024: £313,768). There were no further transactions that require disclosure under Section 1A of FRS 102.

Ulaid Limited

Management Information

Year ended 31 March 2025

The following pages do not form part of the financial statements.

Ulaid Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Ulaid Limited

Year ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ulaid Limited for the year ended 31 March 2025, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the Board of Directors of Ulaid Limited, as a body, in accordance with the terms of our engagement letter dated 21 May 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Ulaid Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ulaid Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ulaid Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ulaid Limited. You consider that Ulaid Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Ulaid Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BDO Northern Ireland Chartered accountants

Metro Building, 1st Floor 6-9 Donegall Square South Belfast BT1 5JA

31 October 2025